USBank Secured Visa - Good idea?

Discussion in 'Credit Talk' started by gagliano3, Aug 28, 2003.

  1. gagliano3

    gagliano3 Well-Known Member

    I called USBank just now to inquire about their Secured Visa. They said as long as bankruptcy was discharged I can apply for one, I'm going to start with $300 deposit for a $300 credit limit.

    USBank will report this as "Secured" on our credit files and they'll also review my secured visa 12 months later for unsecured visa.

    $35.00 annual fee, no application fee... 10% to 19% variable APR which is fine because we're starting with low credit line.

    Is this good?

    Once I get this card... what do you suggest I use? should I charge it for gas and small food shopping and should I pay off each month? any advices are welcomed in order to re-established my credit history and my goal is to get a mortgage in about 2 years!

  2. J. Vick 71

    J. Vick 71 Well-Known Member

    I highly doubt USBank would give you the deposit back within probably 7-10 years since the BK. They will not say that directly because you probably would not take the offer in the first place.

    USBank is not BK friendly on unsecured debt. I would try American Pacific Bank and Orchard before them. The same annual fee and they report as unsecured.

    At worst American Pacific Bank will give 50% on deposit after 18 months at $2000 Max.

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